Curve DAO Token (CRV) Bounces Back After Touching Long-Term Support
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Curve DAO Token (CRV) has jumped at both horizontal and diagonal lengthy-term support levels. As lengthy as it does not break down below them, the trend can be treated bullish.
The weekly chart shows which CRV has been lowering afterward spreading to an all-time strong rate of $6.40 on Jan 4. The descending changement led to a low of $2.36 on Jan 24.
More relevantly, this effected it to break down below the $3.50 horizontal range, which had intermittently acted as both resistance and support afterward September 2020.
Therefore, it’s imperative which the cost restores this range in order for the trend to be treated bullish.
Cryptocurrency trader @CryptoTony_ tweeted a CRV chart stating which the entire descending evolutionment could be part of a correction.
Nonetheless, for the reason that the cost action on the weekly chart, a look at lower time frames is required in order to determine if the correction has come to an end.
Ongoing CRV bounce
The daily chart shows which CRV has bounceped at the $2.90 horizontal support field. It had been dealing above this level afterward October 2021. In addition to this, the field coincides with an increasing support line which has been retained afterward July 2021. The line was most recently verifyd with the Jan 24 low (green icon).
In fact that the skyward move carry ons, the closest resistance would be found at $4.07. This is both a horizontal resistance field and the 0.382 Fib retracement resistance level.
After all, technical indicators provide a relatively neutral picture. While both the MACD and RSI are increasing, the former is still negative at the same time the latter is below 50. Both of these are signs of bearish trends.
With the condition that CRV were to rescue the $4.07 resistance field, it would expected cause the MACD to move into positive territory and push the RSI above 50.
Conversely, a disruption below the $2.90 field and the spiraling support line would approve which the trend is bearish instead.
Short-term movementment
The two-hour chart shows which CRV has been exchanging within an growing similar channel afterward Jan 26. Such channels are constantly examined corrective.
additionally, there is considerable abovelap within the channel, also supporting this likeliness.
The interim evolution suggests which CRV will ultimately break down from this figure.
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